Guy Carpenter Examines Multi-Model Approach in New Report on Managing Catastrophe Model Uncertainty: Guy Carpenter & Company published a new report on the effective use of property catastrophe models by property insurers. The report addresses the merits of adopting a multi-model approach to estimate risk and control uncertainty.
Update: Floods in Thailand: Thailand has experienced its worst flooding in years over the last few months, leaving more than 420 people dead and causing severe damage across northern and central regions of the country. The floods have severely damaged and disrupted manufacturing operations in Thailand. Flooding has forced at least seven huge industrial estates in central regions to close, prompting the Federation of Thai Industries to warn that damage to the industrial sector will be in the billions of dollars.
Risk Profile, Appetite and Tolerance: Fundamental Concepts in Risk Management and Reinsurance Effectiveness: Prior to the recent turbulence in the financial markets, insurers and reinsurers were increasing their use of enterprise risk management to make risk and capital management decisions. While this was driven in part by rating agencies and regulators, many carriers began to recognize the value of metric-based frameworks and capital models in evaluating their portfolios.
Marsh & McLennan Companies Executives Named ‘Women to Watch’ by Business Insurance: Marsh & McLennan Companies, Inc. announced that two of its executives in its Marsh and Guy Carpenter subsidiaries have been named ‘Women to Watch’ by Business Insurance magazine. Marsh’s Caroline Woolley and Guy Carpenter’s Kathleen R. McCann are among only 25 insurance industry leaders honored in Business Insurance’s 2011 “Women to Watch” list.
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Solvency II Timeline: The QIS 5 and Stress Test Results, Driving the Delay: A great deal of attention this year has been focused on determining the practical effects of Solvency II once it is put into effect. In March 2011 the results of QIS 5 were released. EIOPA launched a three-month Solvency II stress test shortly thereafter. Both events shed light on the real-world implications of the new regime, raised issues that should be addressed before it goes into effect and, in large part, sparked the debate that is likely to lead to a delay in its implementation.